Niko Resources Ltd.

Niko Resources Ltd.

June 23, 2011 19:50 ET

Niko Resources Ltd.: Press Release

CALGARY, ALBERTA--(Marketwire - June 23, 2011) - Niko Resources Ltd. ("Niko") (TSX:NKO) was indicted today on one count of providing goods or services to a Bangladeshi public official to induce that official to influence the acts or decisions of the foreign state, contrary to section 3 of Canada's Corruption of Foreign Public Officials Act. The goods and services provided to the public official involved the use of a car and the provision of a paid trip to Canada and the US.

By resolution of the Audit Committee of the Board of Directors, which has been fully authorized and empowered to deal with this matter, the company has agreed to enter into a voluntary resolution with the Canadian authorities that will see the company enter a guilty plea to a single charge, which is expected to resolve all matters investigated by the RCMP in relation to Niko's activities. Niko and the Crown Prosecutor have agreed to make a joint sentencing recommendation at a court appearance on June 24, 2011.

Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by Niko at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to productions, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action in countries such as India and Bangladesh); the effect of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of Niko. There is no representation by Niko that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.

Contact Information

  • Niko Resources Ltd.
    Edward S. Sampson
    Chairman of the Board, President & CEO
    (403) 262-1020

    Niko Resources Ltd.
    Murray Hesje
    VP Finance & CFO
    (403) 262-1020